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Amid a supply crunch and geopolitical unrest, Apple Inc. topped earnings expectations and set a new record for March-quarter revenue.
The company on Thursday posted fiscal second-quarter net income of $25.0 billion, or $1.52 a share, up from $23.6 billion, or $1.40 a share, in the year-earlier quarter. Analysts tracked by FactSet were anticipating $1.42 in earnings per share.
Apple’s
AAPL,
revenue rose to $97.3 billion from $89.6 billion, while analysts had been expecting $94.0 billion.
Shares were up 2.4% in after-hours trading Thursday.
Chief Financial Officer Luca Maestri had said during Apple’s last earnings call that the company expected to experience supply constraints in the March quarter, but Apple’s latest release didn’t offer specifics.
“Continued strong customer demand for our products helped us achieve an all-time high for our installed base of active devices,” Maestri said in the release.
The company announced alongside its latest results that it was adding $90 billion to its stock-repurchase authorization, while also boosting its quarterly dividend by 5% to 23 cents a share. The dividend will be payable May 12 to shareholders of record as of the end of business on May 9. Apple typically provides updates on its capital-return plans with its March-quarter report.
Apple generated $50.6 billion in revenue from its iPhone business, up from $47.9 billion a year before and ahead of the FactSet consensus, which was for $48.4 billion.
The company saw $7.6 billion in iPad revenue, down from $7.8 billion a year prior, as well as $10.4 billion in Mac revenue, which was up from $9.1 billion. The FactSet consensus was for revenue of $7.2 billion from iPads and $9.1 billion from the Mac.
Apple’s wearables, home, and accessories category brought in $8.8 billion in revenue, up from $7.8 billion a year earlier, while analysts had been looking for $8.9 billion.
The company’s services business added $19.8 billion, compared with $16.9 billion a year. before. The FactSet consensus was for $19.7 billion.
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